F EN M: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
F EN M
Largest movements
- Current investments +€85,000
new in 2025: €85,000
- Tangible fixed assets -€71,570
down €71,570 (-10.0%), from €716,961 to €645,391
of which Land and buildings: -€59,766
- Debts after one year -€53,573
down €53,573 (-40.8%), from €131,227 to €77,654
of which Financial debts: -€53,573
- Other debts +€45,703
up €45,703 (+888%), from €5,148 to €50,851
- Profit (loss) carried forward +€19,668
up €19,668 (+4.5%), from -€436,449 to -€416,781
- Gross operating margin +€68,391
up €68,391 (+190%), from €36,001 to €104,393
- Financial charges -€51,985
down €51,985 (-89.3%), from €58,244 to €6,258
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €725,650 | €741,604 | +€15,954 | +2.2% |
| Fixed assets | 21/28 | €716,961 | €645,391 | -€71,570 | -10.0% |
| Tangible fixed assets | 22/27 | €716,961 | €645,391 | -€71,570 | -10.0% |
| Land and buildings | 22 | €686,852 | €627,086 | -€59,766 | -8.7% |
| Furniture and vehicles | 24 | €30,109 | €18,305 | -€11,804 | -39.2% |
| Current assets | 29/58 | €8,688 | €96,212 | +€87,524 | +1,007% |
| Amounts receivable within one year | 40/41 | €298 | €850 | +€552 | +186% |
| Other amounts receivable | 41 | €298 | €850 | +€552 | +186% |
| Current investments | 50/53 | - | €85,000 | +€85,000 | |
| Cash at bank and in hand | 54/58 | €4,968 | €7,130 | +€2,161 | +43.5% |
| Deferred charges and accrued income | 490/1 | €3,422 | €3,233 | -€190 | -5.5% |
| Total equity and liabilities | 10/49 | €725,650 | €741,604 | +€15,954 | +2.2% |
| Equity | 10/15 | €535,049 | €554,718 | +€19,668 | +3.7% |
| Contributions | 10/11 | €922,700 | €922,700 | = | 0.0% |
| Reserves | 13 | €48,799 | €48,799 | = | 0.0% |
| Distributable reserves | 133 | €48,799 | €48,799 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€436,449 | -€416,781 | +€19,668 | +4.5% |
| Amounts payable | 17/49 | €190,600 | €186,886 | -€3,714 | -1.9% |
| Amounts payable after more than one year | 17 | €131,227 | €77,654 | -€53,573 | -40.8% |
| Financial debts | 170/4 | €123,603 | €70,030 | -€53,573 | -43.3% |
| Other amounts payable | 178/9 | €7,624 | €7,624 | = | 0.0% |
| Amounts payable within one year | 42/48 | €59,373 | €109,183 | +€49,810 | +83.9% |
| Current portion of amounts payable after more than one year | 42 | €51,485 | €53,573 | +€2,087 | +4.1% |
| Trade debts | 44 | €519 | €1,452 | +€933 | +180% |
| Suppliers | 440/4 | €519 | €1,452 | +€933 | +180% |
| Taxes, remuneration and social security | 45 | €2,221 | €3,308 | +€1,087 | +49.0% |
| Taxes | 450/3 | €2,221 | €3,308 | +€1,087 | +49.0% |
| Other amounts payable | 47/48 | €5,148 | €50,851 | +€45,703 | +888% |
| Accrued charges and deferred income | 492/3 | - | €48 | +€48 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,570 | €71,570 | -€0 | 0.0% |
| Other operating charges | 640/8 | €7,030 | €6,911 | -€118 | -1.7% |
| Gross operating margin | 9900 | €36,001 | €104,393 | +€68,391 | +190% |
| Operating profit (loss) | 9901 | -€42,599 | €25,911 | +€68,510 | |
| Financial income | 75/76B | €1 | €501 | +€500 | +51,588% |
| Recurring financial income | 75 | €1 | €501 | +€500 | +51,588% |
| Financial charges | 65/66B | €58,244 | €6,258 | -€51,985 | -89.3% |
| Recurring financial charges | 65 | €58,244 | €6,258 | -€51,985 | -89.3% |
| Profit (loss) for the period before taxes | 9903 | -€100,842 | €20,154 | +€120,995 | |
| Income taxes | 67/77 | €511 | €486 | -€25 | -4.9% |
| Profit (loss) for the period | 9904 | -€101,352 | €19,668 | +€121,021 | |
| Profit (loss) for the period to be appropriated | 9905 | -€101,352 | €19,668 | +€121,021 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.